Going, Going, Gone!
BY KATE REYNOLDS
There it is — the object of desire. You’ve admired it at a distance. Taken its measure and found it perfect in every way. Now it is within your grasp. All that stands between you and your prize is the man at the microphone and a roomful of people — any one of whom could be your opponent in this cat and mouse game. You gather yourself and prepare to pounce…The situation can thrill your blood or tense your stomach, depending on your disposition, but for its devotees, buying at auction is the consummate retail experience, combining a treasure hunt with brisk competition, luck of the draw, disciplined strategy and sheer chutzpah. It makes shopping truly interactive — and entertaining.
1. Is it absolute?
Take note of whether the auction is an Absolute or Reserve auction. “Absolute means that the highest bid is the price paid for the merchandise, regardless of whether it is as much as the seller had hoped for,” explains veteran auctioneer Johnny Penland of Tommy Tuten & Johnny Penland Auctions in Asheville.
At a Reserve auction, the seller has set a minimum bid or ‘reserve,’ and if the bidding does not reach this pre-determined level, the item may be withdrawn from sale. During bidding, the auctioneer is not required to disclose the reserve, or to acknowledge when it has been met.
You should assume that an auction is reserve unless it has been specifically advertised and announced as absolute.
2. The basics
Be prepared to present photo ID when you sign in for a bidding number at an auction (a driver’s license is usually sufficient.) While you are bidding, keep in mind that surcharges that will be added to your winning bid, including state sales tax and a buyer’s premium.
The buyer’s premium is essentially an administrative fee or commission, traditionally 13 percent in this area. If you pay by cash, debit card or approved check, many auction houses will reduce this fee to 10 percent. You’ll be expected to remove your treasures immediately, so have a transport plan in place should the spirit move you to suddenly acquire an armoire.
3. Caveat emptor
In addition to a printed or online catalogue, auction houses offer a preview a day or two prior to the upcoming sale and immediately before it commences, allowing prospective buyers to inspect the merchandise.
This is the time to determine whether or not that magnificent carved mahogany bookcase will fit into your library. Take measurements and examine the piece thoroughly for construction, repairs and flaws. Most reputable auctioneers will point out any imperfections or issues that they are aware of, but, as Penland points out, “auctioneers are going to show things in their best light — they’re going to puff them up a bit.” Items are sold as is; an auction house cannot guarantee function, condition or provenance.
4. Know your stuff
An experienced auctioneer may offer some opinions on the materials, age or origin of an item being sold, but they are not to be considered definitive. “We’re certainly not experts,” says Penland. “It’s up to the buyer to be educated and decide the value of the merchandise.” If something in the catalogue or preview interests you, do your research. Knowing a thing or two about Roseville pottery, for example, may prevent you from overbidding on a reproduction, or give you an edge when a real bargain shows up.
5. How many?
Know exactly what you’re bidding on. Groups of articles, such as chairs, may be offered as a set or as individual items. If the bidding is for a single piece, you will often be given the opportunity to purchase multiples at the same price per piece.
For expediency’s sake, auction houses will often create ‘box lots,’ collections of similarly themed objects such as books, linens or mismatched silverware. In this case, you are bidding for the entire grouping as one item.
6. Bide your time
Since lots at a programmed auction are numbered and will be presented for sale in numerical order, you can roughly estimate when your item will come up. Auctioneers try to move between 90 and 100 items per hour, so do the math.
At a less formal weekly auction, merchandise will be brought forward in a more organic manner, depending on space considerations and the auctioneer’s rhythm. If you’d like to see one special piece come up sooner than later, speak to one of the auction employees. They will often accommodate your request.
7. Don’t jump too soon.
When your item is finally brought forward, don’t be too eager. The auctioneer will start off with a suggested bid, but the actual opening is usually much lower. If you feel inclined to begin the interaction, offer up the lowest amount you feel is reasonable (or desirable) and see where it goes.
8. Be clear
Those comic sketches where someone rubs their nose at an auction and realizes that they have just bid several million dollars on a Van Gogh are amusing, but unlikely to occur in real life. The auctioneer has to scan a hall full of potential bidders, so be sure that you are easily visible and direct in expressing your intentions.
Use your buyer number to indicate that you are in the game, raising it for each bid you’d like to place. Once you have indicated interest in an item, the auctioneer will return to you throughout the bidding exchange, suggesting an incrementally raised bid.
Lower your card between bids if you don’t want to be automatically included. “Don’t keep holding your number or your hand in the air,” cautions Penland, “or you could be placing four or five bids in a matter of seconds without realizing it.”
Once you are engaged with the auctioneer, nodding your assent or refusal is sufficient, but be vocal if you would prefer to offer an alternative amount.
9. Be here now…or not
If you are unable to attend the actual auction, you can submit an absentee bid or arrange for telephone bidding. “If you choose to be an absentee bidder, make sure you know the house’s policies on how they will handle your bid,” advises Penland. “If your high bid is $500, some auctioneers will open there.” Giving the house an opening number and upper limit will help you to get the best pricing.
10. Play Nice
“Leave your ego and emotions at home when you come to the auction,” says Penland with a knowing grin. It’s easy to get caught up in the heat of the moment when the bidding is fast and furious, so establish your limit and stick to it. Be gracious, whatever the outcome. “If you feel someone paid too much for an item, keep it to yourself,” Penland advises. “Otherwise they might bump you up on the next thing you bid on — just because.”
Overall, it pays to take the time to observe the protocol and get the feel and tempo of the bidding before you jump in. Once you do, however, you may be hooked. The world of auctions is an ever-changing kaleidoscope, and you never know what delights will show up at the next turn of the lens.
Happy hunting!
Tommy Tuten & Johnny Penland Auction House
155 Craven Street, Asheville.
Absolute auctions are held every Friday at 6:30pm.
Call 828-253-7712 or e-mail etuten@aol.com for details.
